Spring break travel propelled the U.S. hotel industry to stronger performance than projected. The week ending 18 March this year was the peak spring break period with the most students (both college and K-12 schools) out of session, according to STR’s School Break Report.
Occupancy (67.6%) reached the highest level of the year. Revenue per available room (RevPAR) hit US$113 and extended the double-digit growth streak to 11 weeks, up +10.4% year over year (YoY). More recent growth is more noteworthy given that easy Omicron comps have faded from the calendar. Overall, RevPAR has increased by double digits in all but four of the past 65 weeks. However, this week’s gain was the lowest of the past 10 weeks, which aligns with expectations for more modest growth as the year plays out.